At the Platform, a biannual televised conference organized by Covenant Christian Centre in Lagos, Prof Chukwuma Soludo and Bismarck Rewane laid out a strategy upon which economic transformation can work. Prof. Soludo aptly likened Nigeria’s current reality to building a 100-story building upon the foundation of an old bungalow.
The property consists of two values, physical and conceptual. The physical value may be fixed in say, a house. The abstract or conceptual value is fixed in property law systems. In developed nations, property law allows owners of housing, to represent their value in the conceptual realm. This possibility allows easy access to credit that in turn generates capital for development. In Nigeria with a very weak legal regime, a conceptual representation of property to create value is absent.
The economy will benefit from the establishment of the National Credit Guarantee Agency. The third FSS institution is a Development Bank to lend to the vital sectors of the economy. The Development Bank of Nigeria is undercapitalized and so the CBN plays a distorted role. An Executive Order may conflict with the BITs. This is so because BIT’s provide that disputes arising between Nigeria and foreign investors will be determined in foreign institutions of arbitration and seeking to alter this position simply by an Executive Order might generate significant opposition by concerned interests.
I think we have all the designs we need to do it locked up in the archives. All that is required is bring them out, dust them and get to work. Enough of the back and forth and distance covered.
OmegaFrancis6. Nigeria is being held captive right now by forces that do not want it to progress. Question is who will BELL the cat. Politicians have failed the country. They are milking her dry while Nigerians die.
All this any big gramm that take us to no where
Mr Transformer, for how long will continue to try transform this unworkable Nigeria🇳🇬 🤷🏾♂️
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